KFL - discount to diluted NAV

[Toddy]

Here is an interesting Table from the Kingfish website.

Ticker Exercise Price Last Exercise Date Total % Exercised

KFLWH $1.26 26 July 2024 1.28%
KFLWG $1.90 18 November 2022 0.17%
KFLWF $1.51 12 March 2021 91.4%
KFLWE $1.25 12 July 2019 87%
KFLWD $1.21 5 May 2017 76%
KFLWC $1.18 6 November 2015 79%
KFLWB $0.95 3 September 2012 39%
KFLWA $1.00 31 March 2008 46%

After the first couple of warrant issues the frequency has trended towards occurring with exercise dates every 18 months/2 years, so perhaps we can hope for KFLWI to be announced in the first quarter of 2025?

Because the last warrant exercise was a duster (never existed) I would expect them to go ASAP on this current cycle to give the shareholders a little excitement.

[alokdhir]

Yes, those are Trust shares and I think KFL is a good fit with the DRP.

I do wonder about the next warrant issue, if they do it now it could prove to be very cheap after a couple more interest rate cuts, but would that be more dilutive and popular with holders who are fully invested? The last couple have been a waste of time really. I think if they did one today it would be well supported.

Say they do at SP around $ 1.30 soon ...then exercise price will be $ 1.18 after appox 12 Cents dividends ...in 12 months time 1.18 will get fully subscribed I reckon ...after two failures ...they surely will be looking to that ...soon soon I expect !!!

[mike2020]

I'm hopeful. The last time I made real money on the warrants was 2019. I had 200k and excised the lot. Good times.

[alokdhir]

KFL nav over $ 1.46 with SP at $ 1.27 ...13% discount to NAV

BRM nav 0.79 after dilution around 0.76 ...SP 0.69 ie discount to expected diluted nav of just 9%

Market dynamics and external interventions do make some distortions at times

FWIW ....W69 thinks KFL at most attractive levels in at least 10 years ...his ZEN score works

[winner69]

Hey alokdhir me ol mate, KFL NAV be over 150 soon …maybe next week

So what will next divie be? One due soon isn’t there?

[alokdhir]

Hey alokdhir me ol mate, KFL NAV be over 150 soon …maybe next week

So what will next divie be? One due soon isn’t there?

Current NAV is estimated over $ 1.46+ and next divie announcement around 20th Nov ...estimated to be 2.85 Cents

[alokdhir]

Keeping in view past records of Warrant issue roughly 7 months after last exercise date ...Expecting new issue to come in February

[winner69]

Jeez ..gross return beat benchmark by 64% ..well done Matt

The Kingfish portfolio gross performance return and Adjusted NAV return in October were +2.8% and +2.5% respectively, versus the New Zealand shares benchmark S&P/NZX 50 return of +1.7%.

https://announcements.nzx.com/attachment/432107.pdf

[alokdhir]

1	1month	3months	1 year	3years	5 years
Portfolio Performance
Gross Performance Return	+2.8%	+7.5%	+31.9%	+1.5%	+9.8%
S&P/NZX50G Index	+1.7%	+1.9%	+17.5%	(1.2%)	+3.2%

KFL is evergreen ...outperforming NZX50G over all periods in reference above

At huge discount currently as a bonus

[ronaldson]

Bounced a little to close at $1.30. Dividend announcement must be getting close, albeit to be paid in December, along with the next warrant issue which shouldn't be later than February.

Did anyone notice that the regular daily updates of on-market purchases we have become used to being treated to ceased on 14 November (in respect of 13 November)? So no buying on Thursday or Friday last week, or we would already have been told. And I suspect not today to set the new price level.